Sunny

Sunny

max temp: 15°C

min temp: 12°C

ESTD 1874 Search

Newmarket: Jockey Club reports 11% increase in annual profits

10:27 17 April 2014

The Rowley Mile racecourse at Newmarket.

The Rowley Mile racecourse at Newmarket.

Archant

The Jockey Club, which runs 15 leading UK racecourses including Newmarket, Epsom, Aintree and Cheltenham, today reported an 11% increase on annual operating profit to £22million.

shares

The figure, which represents growth of 28% over the past five years, was achieved on turnover of £166.9m, also representing an 11% increase compared with 2012 and five-year growth of 31%.

Admissions, hospitality and retail catering at racing festivals, media income, music nights and non-racing events were all cited by the group as key revenue drivers.

Total prize money at Jockey Club racecourses totalled a record £41.6m, of which the organisation contributed £18.24m, an increase of 47% over the last five years.

The group’s racecourses division, in its first full year under a new regional management structure, saw turnover increase from £142.1m to £158.7m and operating profits climb from £18.8m to £21.0m.

The 15 courses achieved a combined attendance of 1.74m visitors, including more than 235,000 at the Cheltenham Festival, more than 150,000 at the Grand National meeting at Aintree and more than 150,000 at the Derby meeting.

This was despite long periods of bad weather which affected both advanced sales and walk-up crowds, and forced the abandonment of some fixtures, including Cheltenham’s 2013 New Year’s Day raceday which a year earlier attracted 32,000.

The group’s property and land management arm, whose assets include more than 3,000 acres of world-class training grounds at Newmarket and Lambourn, grew its turnover by 5.3% year-on-year and its operating profits trebled, from £200,000 to £600,000.

This was largely as a result of welcoming more horses to its training grounds, despite the number of horses in training remaining flat year-on-year and prolonged periods of bad weather.

The National Stud, also based at Newmarket, was profitable for a sixth consecutive year, following its acquisition by the Jockey Club in 2008. Turnover rose to £2.3m, from £2.0m in 2012, although operating profits fell to £300,000, from £700,000 the previous year, reflecting a “testing” operating environment.

Simon Bazalgette, group chief eecutive, said: “2013 was a year where The Jockey Club grew our business for the fifth consecutive year and strengthened our balance sheet, allowing us to invest a record amount back into British racing while being in the privileged position of offering millions of visitors, viewers and listeners great experiences in the process.

“Every penny of profit we make we put back into our sport to support its long-term health and prosperity. Racing is a sport that generates more than £3.45bn to the UK economy each year and supports thousands of jobs.”

shares

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Gary Allen, operations manager,  with Diane Allen and Graham Allen at Ipswich-based Ajax Domestic Spares which is celebratiing 40 years in business.

Ajax Domestic Spares has marked 40 years in business in style by launching a new showroom in Foxhall Road, Ipswich.

The Willis building in Ipswich.

Around 200 people are to lose their jobs at the Ipswich office of global insurance broker and risk management group Willis.

The Great House restaurant with rooms in Lavenham.

An award-winning Suffolk restaurant has gained another accolade after being ranked the 26th best in the country.

Gavin Patterson, chief executive of BT.

Photo: BT

BT is to pay out up to £129million to extend the Government-led roll-out of superfast broadband, after a bigger-than-expected take-up of the service.

Centrica has reignited controversy over high energy bills by announcing a 44% increase in first half profits at its British Gas retail division.

Energy giants Royal Dutch Shell and Centrica today revealed plans to axe a total of more than 12,000 jobs.

Christopher Hayman of Hayman Distillers with his children Miranda and James.

Essex gin maker Hayman Distillers is celebrating after winning a Gold award at this year’s International Wine and Spirits Competition (IWSC).

Bakery chain Greggs saw like-for-like sales rise 5.9% in the six months to July 4.

Higher breakfast sales and a bigger range of healthier products helped Greggs grow underlying profits by 51% in the first half of the year.

Barclays chairman 

John McFarlane.
Photo: VisMedia

Barclays boss John McFarlane today signalled plans to ramp up growth, squeeze costs and streamline the business after announcing a 25% rise in first half profits.

Uncertainty over Government policy is holding back potential investment in the offshore wind sector, according to East of England Energy Zone director James Gray.

The absence of a clear Government stategy is leaving the offshore wind industry “in limbo”, according to a leading figure within the sector in East Anglia.

The rate of growth in the UK economy rebounded during the second quarter of 2015, but the manufacturing sector continued to struggle, according to official figures.

UK growth bounced back in the second quarter of 2015 as gross domestic product (GDP) increased by 0.7%, according to official figures.

Most read

Most commented

Topic pages